Real-time data is changing the insurance landscape, especially for fleet managers who should not have to chase the best insurance rates or spend time haggling over claims. By reducing risk, data-led insurance helps deliver the analytics that fleet managers need to help them build more stable relationships with insurers, while reducing business risk, improving claims management and resolving liability queries.
Reducing Risk with Real-Time Data-Led Insurance
Sensors Deliver Business-Critical Data
Data-collecting sensors are an increasingly common feature across fleets, they record data such as speed, odometer and fuel consumption. This provides fleet managers and their insurance provider insights into usage, risk and other metrics, giving a clear picture across the fleet. Armed with such data, fleet managers can make better business decisions faster for a more efficient operation.Using that data, insurers can provide the most competitive rates, adjusted to meet changing usage rates, routes and driving standards. This eliminates some of the risk associated with fleet management, and encourages better operator behaviour.
Fleet management decision making needs to operate at the speed of the rest of the business. Automation of claims management by app-based telematics increases the speed and efficiency of claims management, helping the fleet division respond faster to a fast-changing environment. Automation reduces the chance for human error, insurers are more likely to approve claims faster and vehicles spend less time off the road. This reduces your company’s overall risk, as accidents or incidents will not slow down your business.
Data-Led Insurance Reduces Driver Risk and Improves Performance
More detailed tracking from data-led insurance systems benefits the fleet manager when it comes to people management too. Real-time data-led insurance provides more insight and data on driving habits, making it less likely they will take risks and better look after fleet vehicles. These insights help create engaging, tailored coaching and training courses for drivers, resulting in tangible improvements in performance and risk reduction.Reducing driver risk and better driving standards further reduces the risk to your fleet and company overall. This, in turn, leads to reduced fleet downtime - the more you manage and reduce risk, your vehicles will spend less time being repaired and more time generating revenue. Data helps you get ahead of crashes, incidents and maintenance, improving your revenue generating ability.
Faster Claims Resolution
Historically insurers were reliant on post-accident accounts to establish blame and risk, often requiring lengthy investigation. Today, data-led insurance helps provide much of the forensic detail and data missing in those accounts, improving the speed of resolution and helping improve overall insurer rates. This reduces the cost of your insurance and overall risk. If your company provides life insurance too, the data-based approach will deliver health-based insights through in-cab sensors or wearable technology, all helping keep drivers safer.
The Value of Better Data for Fleet Managers
Data-tracking in vehicles is not new, but real-time tracking adds a level of granularity to the data collected that gives a better overview of fleet usage, driver behaviour making it easier for fleet managers to plan and work with insurance partners. As with data analytics in other departments, it is fast becoming the norm, and will likely be ubiquitous as we approach the smart fleet era.
Real-time rates, organised claims, and increased road safety are all yours. Just a few simple questions to get started.
I manage a fleet
Fleets are any combination of 10 or more car-like vehicles.
I’m a driver
Drivers get their own data hub for monitoring claims and rates.
I’m a broker
Brokers find the fairest insurance for others as an intermediary.
Humn.ai Limited is authorised and regulated by the Financial Conduct Authority. It is entered on the FCA registered (www.fca.org.uk/register) under No.923700.
Humn.ai Ltd, 12 Hammersmith Grove, London, W6 7AP is a registered company number 11032616 incorporated in the United Kingdom. Registered with the information commissioner's office (ICO) number ZA504331.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.